Form 709 Guidance: Gift Tax and Generation-Skipping Transfer Returns 2024

Overview

Form 709 is filed by many tax practitioners but are frequently filed incorrectly. Especially troublesome is reporting the gift correctly on Schedule A, making the correct GST allocations and meeting the adequate disclosure requirements. This program will review common problems for preparers and provide examples of presentations for many of the frequently reported gifts in recent years.

Highlights

• Review of sample returns with illustrations of most forms of gifts
• How to meet the adequate disclosure requirements
• Community property gifts vs. gift splitting, use of DSUEA from a pre-deceased spouse
• Electing in or out of GST allocations with indirect skips

Prerequisites

Understanding basic estate and trust terminology, and what constitutes a gift in this context.

Designed For

CPAs, attorneys, enrolled agents and professional staff.

Objectives

• Determine whether to report the gift on Part 1, 2 or 3 of Schedule A
• Recognize why adequate disclosure is important to limit the time for the IRS to audit the 709
• Identify clear presentation of numerous types of gifts through various examples provided

Preparation

None

Notice

This course is offered by a 3rd party vendor. Login instructions will not be accessible in the My CPE Tracker section of the ISCPA website. Login instructions will be emailed directly to you by California Education Foundation (CalCPA).